Shares of AFK “System” on the Moscow stock exchange began on 3 may with collapse of quotations. In the first minutes of the trading value of securities fell to 16.62 RUB per share, which is 26.4% below the closing level of the previous trading session.
After a short pause, the drop in prices has accelerated, and at the peak of the fall made in the first half hour of trading, the value of securities of “the System” fell to 15.13 RUB It by 32.12% below the closing level of the previous trading session.
The sharp fall in the value of shares of the “System” has led to a significant decline in its market capitalization. According to the website of the Moscow exchange, at the moment the company is worth at least 160 billion rubles., while a day earlier, its market capitalization exceeded 200 billion rubles.
The day before, on may 2, it became known that the oil company “Rosneft” and have fallen under its control, Bashneft has filed for “System” in court, demanding to recover from her 106,6 billion.
The claim was in the file Cabinet of the Arbitration court of Moscow, but not yet accepted for production, but details of the case were not disclosed. The representative of “Rosneft” Mikhail Leontyev said that “we are talking about organizational-the financial manipulations that led to the impairment of the asset by the specified amount”.
In turn, the “System” has informed that has not yet received any documents associated with the claim of “Rosneft”.
Published before the opening of trading on the Moscow stock exchange the analysts PSB noted that the stock “System” will be under pressure.
“Now it is difficult to assess the prospects of this suit, however the news is negative for shares of AFK “Sistema”. The company has no such assets on the balance sheet (at the end of 2016, the accounts were about 60 billion rubles.), and, therefore, if the AFC will be found guilty, they will either have to borrow or “search” subsidiaries. It is also unclear whether it will be forced to create a reserve for this claim if Yes, then this will have a negative impact on profits,” the report says.
By 10:30 GMT the value of the shares of Sistema on the Moscow stock exchange was 16.5 RUB At 10:35 the stock exchange announced the transfer of shares trading “system” in the mode of a discrete auction in connection with a reduction in their current rates by more than 20% for ten consecutive minutes.
Meanwhile on the London stock exchange opened trading of the global Depository receipts (GDR) of “the System”, each of which is equal to 20 ordinary shares of the company. At the peak of the fall of the GDR, the cost dropped to $5,68, which is 32.8% below the closing level of the previous trading session.
At the end of trading on the London stock exchange on Tuesday, may 2, the capitalization of “System” made $4.9 billion ($of 8.45 per GDR). On Wednesday at the opening of trading one receipt (GDR) of “the System” fell by 31.89% to $5,76, market capitalization of $4,077 billion Thus, the news about the claims of “Rosneft” and affiliated “Bashneft”, “Sistema” fell by $823 million